Newmont wraps offer for Miramar, now owns 96% of shares; will acquire remainder

New York, Jan. 18 - Newmont Mining Corp. said it completed its offer to acquire all the outstanding common shares of Miramar Mining Corp., accumulating 96% of the stock.

Newmont has now mailed a notice of compulsory acquisition under the Business Corporations Act (British Columbia) to acquire all the remaining shares of Miramar.

The offer closed at 8 p.m. ET on Friday at which time Newmont accepted for payment a further 5,957,442 Miramar shares. With the 189,399,621 shares previously bought in the offer and the 18.5 million already directly owned by Newmont, it now has 96% of the company.

Newmont announced on Oct. 9 that it had entered into a definitive agreement to acquire Miramar for C$1.5 billion, or C$6.25 in cash per common share.

The company said the offer price represents a premium of 29% over Miramar's 20-day volume weighted average trading price on the Toronto Stock Exchange through Oct. 5.

Newmont is a Denver-based gold mining company. Miramar is a North Vancouver, B.C.-based gold mining company.

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